The South Coast Real Estate Round-Up

Things NOT To Do When Financing Your Next Home

September 13th, 2014 5:32 AM by Christopher Terry

The Top 16 Things Not to do when in the process of buying and financing your next home!

 Do Not:

  1. Leave an existing job for any reason
  2. Open new bank accounts
  3. Close existing bank accounts
  4. Deposit funds over $300 into a bank account*
  5. Transfer money between accounts, unless receiving complete documentation from your bank, itemizing all transfers
  6. Allow your bank statements to go into negative balance, even if you have overdraft protection
  7. Buy new furniture, a car, or make any other major purchases**
  8. Shop for furniture, a new car, or any major items, which may result in your credit being run
  9. Apply for a new credit card
  10. Inquire about new credit or better rates on existing credit
  11. Co-sign an any debt with a family member or anyone else
  12. Ask a tenant to move out, or give your landlord notice that you are moving out*
  13. Stop paying credit card debt
  14. Stop paying any bills
  15. Pay a bill in collections. If about to pay a bill in collections from a collection agency, try to pay it as closing**
  16. Have a friend or family member pay for anything related to the purchase of the home (appraisal, earnest money, down payment, etc.), since gifts are only allowed under certain guidelines.

Thank you Brent Winn, a certified mortgage planner and branch manager of Norcom Mortgage for the above checklist! We hope you find it helpful. If you have any questions regarding the list above or are interested in more details about your ability to finance your new home contact Brent at 508-672-0005. NMLS#5447, Company NMLS ID# 71655

E Z Home Search Real Estate
508-646-4777
798 Stafford Rd Fall River MA

Posted in:General
Posted by Christopher Terry on September 13th, 2014 5:32 AM

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